The average BioMeter value in the second quarter of 2013 was $22.2 million, an increase from the $16.3 million value in the first quarter (excluding BMS/Rickets and AZ/Moderna), and down from $59.4 million in the first quarter (including BMS/Rickets and AZ/Moderna). The increase was driven largely by increases in BioMeter value for Phase 1 and Phase 2 transactions. The BioMeter value for Phase 1 transactions increased to $39.3 million in the second quarter from $15.0 million in the prior quarter, driven largely by the MorphoSys/Celgene transaction for MOR202. Excluding that transaction, the BioMeter for Phase 1 transactions in the first quarter held relatively steady at $13 million. The BioMeter value for Phase 2 transactions increased to $38.1 million in the second quarter from $7.4 million in the first quarter, returning to more typical levels. The BioMeter value for pre-cinical and discovery transactions remained relatively constant at $10.5 million.

Compared to the second quarter of 2012, the average BioMeter also increased, with increases in pre-clinical and discovery ($10.5 million vs. $5.5 million), Phase 1 ($39.3 million vs. $11.1 million) and Phase 2 ($38.1 million vs. $27.5 million). With few reported Phase 3 and approved product transactions in either quarter, it is hard to draw conclusions about trends in value in those categories.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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